Springeraerospace
- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- CV-22-00690657-00CL
- Industry
- Transportation & logistics · Aviation
Springer Aerospace, comprising 1138969 Ontario Inc. and Springer Aerospace Holdings Limited, has been under CCAA protection in the Ontario Superior Court of Justice since November 23, 2022, and the proceedings remain active. Interim financing comes from Hillmount Capital Inc. under a DIP term sheet executed November 22, 2022, providing a facility of up to $1,500,000 in principal, with an initial advance of up to $600,000 sought and a DIP Lender's Charge over all Property that secures new post-order advances only and not pre-Order obligations. Caisse Desjardins Ontario Credit Union Inc. is the primary secured lender, holding three loan facilities including a May 16, 2019 revolving credit agreement for a line of credit to a maximum of $1,000,000. The Directors' Charge and other proposed charges are subordinate to the Desjardins security.
The officer filed report no. Fourth Report. Springer continued to operate its aircraft MRO business as a going concern while completing its SISP, culminating in a proposed share sale transaction (RVO/SPA) to a purchaser, with the Applicants seeking to be discharged from CCAA proceedings and remaining liabilities vested in a new Residual Co to be assigned into bankruptcy.
Motion Record of Caisse Desjardins Ontario Credit Union Inc. (Re: Motion to terminate CCAA Proceeding) returnable February 22, 2023 dated — Application / notice of application
Motion Record (Motion for increase to the DIP Loan, approval of the KERP and extension of the Stay Period) returnable February 22, 2023 dated — Application / notice of application
Motion for Approval of Sale and Investment Solicitation Process (returnable December 22, 2022) dated — Application / notice of application
Supplement to the Supplementary Application Record (returnable Dec 2, 2022) dated — Application / notice of application
Supplementary Application Record (returnable December 2, 2022) dated — Application / notice of application
Debtor
Springeraerospace
Monitor
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Penny | Ontario Superior Court of Justice | 9 orders, Nov 2022 – Apr 2023 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorMNP | Aird & Berlis LLP | 22 Dec 2022 | Order · 22 Dec 2022 |
| ApplicantSpringeraerospace | Reconstruct LLP | 23 Nov 2022 | Order · 23 Nov 2022 |
| Interim lender | Fogler, Rubinoff LLP | 5 Apr 2023 | Service list · 5 Apr 2023 |
| CreditorChief Restructuring Officer, Cedar Croft Consulting | Fogler, Rubinoff LLP | 5 Apr 2023 | Service list · 5 Apr 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Hillmount Capital Inc. (DIP Lender) · in 4 casesas of DIP Term Sheet executed November 22, 2022 — DIP Lender's Charge on all Property; maximum principal amount of DIP Facility is $1,500,000; Initial Advance sought is up to $600,000 — Post-filing DIP financing charge, not a pre-filing secured claim; included for completeness as it secures new post-order advances only and shall not secure pre-Order obligations — debtor: Springer Aerospace (1138969 Ontario Inc. and Springer Aerospace Holdings Limited) | $600K | Pre-Filing Report of the Proposed Monitor |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount.
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See all plansClosed · the record states no distribution outcome.
1 engagement · 1 firm — Aird & Berlis LLPFourth Report to the Court of MNP LTD dated · 7 Apr 2023
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel | — | — | — | Fourth Report to the Court of MNP LTD dated · 7 Apr 2023 |
1 blurred figure above
What the firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
$275K
As at 28 Feb 2023Fourth Report to the Court of MNP LTD dated
| Date | Document | File |
|---|---|---|
| Monitor's Certificate dated | PDF · Subscribers | |
Endorsement Sale Approval
| PDF · Subscribers | |
| Endorsement With Reasons | PDF · Subscribers | |
Sale Approval Order
| PDF · Subscribers | |
| Factum - Applicants | PDF · Subscribers | |
Fourth Report to the Court of MNP LTD dated
| PDF · Subscribers | |
| Motion Record - Applicants | PDF · Subscribers | |
Service List as of
| PDF · Subscribers | |
Court Order regarding Stay Extension dated
| PDF · Subscribers | |
| Motion Record dated | PDF · Subscribers | |
Endorsement of Mr Justice Penny dated
| PDF · Subscribers | |
| Factum of the Applicant (extension of Stay Period and Phase II Bid Deadline; approval of increased DIP financing and DIP charge; approval of KERP and KERP charge) dated | PDF · Subscribers | |
| Motion Record of Caisse Desjardins Ontario Credit Union Inc. (Re: Motion to terminate CCAA Proceeding) returnable February 22, 2023 dated | PDF · Subscribers | |
| Third Report to the Court of MNP LTD dated | PDF · Subscribers | |
| Motion Record (Motion for increase to the DIP Loan, approval of the KERP and extension of the Stay Period) returnable February 22, 2023 dated | PDF · Subscribers | |
Sale Process Order dated
| PDF · Subscribers | |
| Second Report to the Court of MNP LTD dated | PDF · Subscribers | |
| Motion for Approval of Sale and Investment Solicitation Process (returnable December 22, 2022) dated | PDF · Subscribers | |
Amended and Restated Initial Order dated
| PDF · Subscribers | |
Endorsement of Mr. Justice Penny dated
| PDF · Subscribers | |
| First Report to the Court of MNP LTD dated | PDF · Subscribers | |
| Supplement to the Supplementary Application Record (returnable Dec 2, 2022) dated | PDF · Subscribers | |
| Creditor's List | PDF · Subscribers | |
| Supplementary Application Record (returnable December 2, 2022) dated | PDF · Subscribers | |
Notice to Creditors dated
| PDF · Subscribers | |
CCAA Initial Order
| PDF · Subscribers | |
Endorsement of Mr. Justice Penny
| PDF · Subscribers | |
| Factum of the Applicants | PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| PDF · Subscribers | |
Application Record
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Springeraerospace” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/springeraerospace